The takeover of crisis-torn Oldham Athletic dramatically collapsed when the Norwegian 'buyer' turned out to be a hoaxer.
Only hours earlier businessman Vidar Fossdal had paid £1 to buy the 95 per cent stake held by millionaire owner Chris Moore.
He had refused to bankroll a club losing £200,000 a month but even before the ink was dry on an agreement the bombshell broke.
Fossdal, a former soccer agent, said he didn't have the money to go through with the deal.
He explained he genuinely believed he had financial backers and added in a statement: "I deeply regret the transaction has not proceeded.
"But Latics marketing boss Sean Jarvis insisted: "We have been taken in by a conman, and a good one.
"It has been a complete and utter hoax and we have been led up the garden path.
Saga
"We are now in a more perilous position than ever and everyone here is absolutely devastated.
"The whole saga has blown up in our faces.
"Yet we were led to believe by people who introduced him that he was above board with substantial finances. We are back to square one and a club in turmoil."
Jarvis was today frantically trying to get a previously rejected management buy-out back on track.
That would see former Bolton chief Barry Chaytow take over as chairman at Boundary Park.
Jarvis added: "It looks like we have no other option and we will be working tirelessly to do everything we can.
"Our proposals were a safety net and we will remain totally committed to the cause to try to get this mess sorted out once and for all."
There was better news on the field for Oldham fans last night as the Latics continued their warm-up for the new season.
They had a morale-boosting 2-1 win over Ballymena in Ireland.
Only hours earlier businessman Vidar Fossdal had paid £1 to buy the 95 per cent stake held by millionaire owner Chris Moore.
He had refused to bankroll a club losing £200,000 a month but even before the ink was dry on an agreement the bombshell broke.
Fossdal, a former soccer agent, said he didn't have the money to go through with the deal.
He explained he genuinely believed he had financial backers and added in a statement: "I deeply regret the transaction has not proceeded.
"But Latics marketing boss Sean Jarvis insisted: "We have been taken in by a conman, and a good one.
"It has been a complete and utter hoax and we have been led up the garden path.
Saga
"We are now in a more perilous position than ever and everyone here is absolutely devastated.
"The whole saga has blown up in our faces.
"Yet we were led to believe by people who introduced him that he was above board with substantial finances. We are back to square one and a club in turmoil."
Jarvis was today frantically trying to get a previously rejected management buy-out back on track.
That would see former Bolton chief Barry Chaytow take over as chairman at Boundary Park.
Jarvis added: "It looks like we have no other option and we will be working tirelessly to do everything we can.
"Our proposals were a safety net and we will remain totally committed to the cause to try to get this mess sorted out once and for all."
There was better news on the field for Oldham fans last night as the Latics continued their warm-up for the new season.
They had a morale-boosting 2-1 win over Ballymena in Ireland.
